By Ed Malik, A | ed@ddnewsonline.com | posted 3rd february, 2025
The Federal Competition and Consumer Protection Commission (FCCPC) has noted the distressing practice of unending harassment perpetrated by loan App platforms and consequently, has provided guidelines for Nigerians to report such or any unfair treatment to the supervising authority.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
The FCCPC, in a statement during the weekend aiming to address the constant harassment and embarrassment, decried the unfair recovery tactics and has provided a guide to help Nigerians report harassment by loan app companies.
It is instructive to note that, due to the rapid economic growth at micro levels, the demand for small scale bridge-finances skyrocketed, thereby providing an emergent market gap for lenders to fill. The rest is history. Online loan apps rapidly gained popularity among Nigerians needing quick financial relief.
However, some lenders have resorted to aggressive recovery tactics, such as making endless calls at odd hours, sending shameful or threatening messages and sometimes scandalizing borrowers in the social media and among social circles by posting their personal photos when repayments are delayed.
These actions have caused significant distress, mental health emergencies, with some victims losing jobs and enduring irreparable public humiliation.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
In response to rising concerns, the FCCPC reaffirmed its commitment to protecting consumer rights, and has advised borrowers who are experiencing such issues, to file a complaint through the following methods:
Email: Send your complaint to contact@fccpc.gov.ng.
Social Media: Directly message the FCCPC on X (formerly Twitter).
Website:
Visit the FCCPC’s official website: fccpc.gov.ng.
Navigate to the “File a Complaint” section.
Fill in the required details, including:
Your personal information (name, contact address, mobile number, email).
Details of the loan app (name, contact address, phone numbers, email).
Loan amount.
A brief description of your complaint.
Your desired resolution.
Any relevant files or evidence (ensure uploaded files are named consistently with your name as entered in the “Complaint Reported By” section).
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
How these steps will help to improve on the quality of services by the companies is keenly being reviewed but by following the steps, one can assist the FCCPC in addressing and mitigating harassment from loan applications.